Shiba Inu has broken out from a descending trendline on a lower timeframe, sparking predictions of a near-term rally towards September’s high.
A recent TradingView analysis from “Satososhi1242” spotlighted this, tipping Shiba Inu to rebound considerably from recent downsides. Notably, the doggy-themed meme token corrected 5.65% last week but has shown signs of life over the past 24 hours.
For context, Shiba Inu is up 1.83% in the past 24 hours, cutting down its losses over the past seven days to 1.47%. It is now down only 2.63% since the start of September, showing strength, especially as the month nears its end.
Shiba Inu 25% Rally Imminent
Notably, the market watcher highlighted in his analysis that Shiba Inu has been trending within a descending channel on the 2-hour timeframe. This followed its September 13 peak at $0.00001484, where SHIB’s earlier bullish momentum faced a roadblock.
Since the high, Shiba Inu has been making lower highs and lower lows and trending below the descending resistance neckline. However, as the market began to recover, the meme coin followed, breaking above the trendline late on Sunday.
Upon breakout, SHIB retested the channel, dropping to $0.00001158 before resuming a bullish continuation. Now, the analyst has predicted a sustained push to $0.00001460, representing a 25% profit from his entry point. From the current market price of $0.00001190, this marks a 22.7% growth.
Shiba Inu Bulls Grow Louder
Remarkably, his analysis contributes to the renewed enthusiasm within the Shiba Inu community, suggesting that SHIB may reverse bearish trends and target higher prices. One such projection came from Market Spotter, who predicted an even higher target for Shiba Inu.
His analysis featured a potential breakout from a falling wedge on the weekly chart, one with a history of sparking a rally for the token. Taking a page from the previous occurrence in February 2024, he predicted that Shiba Inu would target a rally to $0.00004567.
Another analysis predicts a 600% upsurge for Shiba Inu. Specifically, MMBTrader shared that while the short-term outlook appears bearish, SHIB will post a jaw-dropping comeback, targeting a four-year high of $0.00007730.
Despite the bullish sentiments, Shiba Inu would have to sustain momentum to hit any of these targets. Notably, The Crypto Basic earlier reported that $0.00001230 is a key support area that SHIB needs to reclaim. Until it does that, the token faces the risk of a further downtrend to $0.0000110.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
